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Jan 31, 2013
01/13
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we have got $16.4 trillion in debt today, so by the time the debt ceiling is reapplied, rei am posed, it will just under $17 trillion. now, at that point, we will be right back to the standoff that we were at very recently, standoff over what to do about this massive amount of debt we already have and the massive amount of additional debt that the administration would like to create. now, the administration's position is very clear. they want additional borrowing authority with no strings attached, no conditions, no limits on future spending. they just want to be able to keep borrowing. some on our side of the aisle feel very strongly that any increase in the debt ceiling that authorized still more borrowing needs to be accompanied with some measure of spending discipline so that we can at some point begin to regain control over these out-of-control deficits and the debt. well, in any case, what we know for sure is this tension will re-emerge and that we don't have a resolution in place now, and if this measure passes -- which very likely it will and it will be signed into law -- we h
we have got $16.4 trillion in debt today, so by the time the debt ceiling is reapplied, rei am posed, it will just under $17 trillion. now, at that point, we will be right back to the standoff that we were at very recently, standoff over what to do about this massive amount of debt we already have and the massive amount of additional debt that the administration would like to create. now, the administration's position is very clear. they want additional borrowing authority with no strings...
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Feb 2, 2013
02/13
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so as congress agrees to delay a showdown over the debt ceiling and faces a march 1 deadline for across the board spending cuts, what to make of this darned economy, david? >> am i supposed to answer that? it is confusing. the stock market is up. employers are hiring, very slowly. the government now tells us that hey -- they hired a lot more last year than previously believed. auto seafls are up 14% from last year. housing sales are coming back. on the other hand the economy took a pause at the end of last year? unemployment is very high, 7.9%. among men between 25 and 54 one out of six is not working. so i think when you cut through all this what do you see? well, the stock market is going like this and the economy is going like this. that can't last. i can't explain the stock market except maybe there was a gigantic sigh of relief. the republicans aren't going to force the u.s. freshry due default and the europeans aren't going to blow themselves up economically. you see an economy that's growing -- slowly. growing is better than not growing. the europeans are trying the not growing t
so as congress agrees to delay a showdown over the debt ceiling and faces a march 1 deadline for across the board spending cuts, what to make of this darned economy, david? >> am i supposed to answer that? it is confusing. the stock market is up. employers are hiring, very slowly. the government now tells us that hey -- they hired a lot more last year than previously believed. auto seafls are up 14% from last year. housing sales are coming back. on the other hand the economy took a pause...
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debt ceiling is you cannot borrow, so you have to balance the budget tomorrow. in addition to that, there was the kind of not very real threat that we might default on the national debt or postpone payments, so you're playing with a combination of a big fiscal contraction and the possibility of triggering a financial crisis also. lori: i want to ask you about your book. after the music stopped, but about the financial crisis, to a dozen 7-8. looking back, said always 2020, what were the best actions taken by the federal government and the worst? >> at think there were three. in net you a tie for first? >> you know how tv works. >> one was tart. very unpopular, but effective and turn a profit for the taxpayer. second was the stimulus that we were just talking about. could have been better. was not a perfect stimulus bill, a pretty good given the political constraints. third, what almost no one ever talks about, the bank stress test. to me the banks stress test and this compared pedestrian 2009 was the equivalent of the fdr bank holiday. once was over people felt
debt ceiling is you cannot borrow, so you have to balance the budget tomorrow. in addition to that, there was the kind of not very real threat that we might default on the national debt or postpone payments, so you're playing with a combination of a big fiscal contraction and the possibility of triggering a financial crisis also. lori: i want to ask you about your book. after the music stopped, but about the financial crisis, to a dozen 7-8. looking back, said always 2020, what were the best...
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Jan 31, 2013
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ceiling the next time, so let's lose here gracefully and then not lose on the debt ceiling where the outcome could be more disastrous for markets if we don't have a debt ceiling increase. if you have a sequester, it's going to be a problem for gdp over the course of the year. it's not going to be an immediate problem, i don't think, for markets if the government says, hey, we're going to cut tens of billions of dollars of spending right away. >> losing gracefully. what a concept. a concept. a concept. cnbc's amman javers. >> i'm great at losing gracefully. >> so am i. >> thank you for your insight and time. >> coming up from immigration to reproductive rights to fiscal krn. tea partiers have undermined the efforts of established republicans. who will win the great republican tug-of-war? we will discuss just ahead. twins. i didn't see them coming. i have obligations. cute obligations, but obligations. i need to rethink the core of my portfolio. what i really need is sleep. introducing the ishares core, building blocks for the heart of your portfolio. find out why 9 out of 10 large pro
ceiling the next time, so let's lose here gracefully and then not lose on the debt ceiling where the outcome could be more disastrous for markets if we don't have a debt ceiling increase. if you have a sequester, it's going to be a problem for gdp over the course of the year. it's not going to be an immediate problem, i don't think, for markets if the government says, hey, we're going to cut tens of billions of dollars of spending right away. >> losing gracefully. what a concept. a...
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Jan 30, 2013
01/13
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this week we expect to vote on a bill to extend the debt ceiling until this summer, a bill i'm very happy about it will not resort to what her previous efforts have done. this is the way things should work around here. i hope it's a vision of the future. it's far more common ground for democrats and republicans on the issues we face than people realize. certainly the last two years would suggest that it's incumbent upon us to seek the common good, the common ground rather than retreat the opportunity. i believe we've seen so far in this congress imposed software ability to deliver the middle class in coming months. we have big issues that hopefully we can resolve. we can face the difficult challenges ahead. [inaudible] i don't want you to stay here. we had a wonderful caucus today, where he taught about the work that's been done and 72 with immigration. we are far from having met john, but the work done by turbine, senator, bennett and menendez is very, very -- i'm very hopeful. the president is in las vegas today. he's put his arms around the four senators on the democratic side in repub
this week we expect to vote on a bill to extend the debt ceiling until this summer, a bill i'm very happy about it will not resort to what her previous efforts have done. this is the way things should work around here. i hope it's a vision of the future. it's far more common ground for democrats and republicans on the issues we face than people realize. certainly the last two years would suggest that it's incumbent upon us to seek the common good, the common ground rather than retreat the...
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Jan 31, 2013
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what do we do about the mounting debt? what do we do about having reached the debt ceiling? and will twe we do anything abot curving the spending that is -- mr. baucus: madam president, the senate is not in order. the presiding officer: the senate will be in order. mr. toomey: so -- thank you, madam president. so, the fact is, we're going to be -- mr. baucus: madam president, madam president, the senate is not in order. the presiding officer: the senate will be in order. the senators shall take their conversations out of chamber. mr. toomey: thank you, madam president. so my point is that we're going to be back at this situation where we will have reached the debt limit once again. we'll be at this impasse, as to how to resolve this situation, and none of us can possibly know today how quickly that will be resolved. we just can't know how the other body will vote, how this boat wil--how this body will vote, we can't know. and so it seems to me given the inherent uncertainty, we ought to at least have a contingency plan that minimizes any disruption in the event that the debt
what do we do about the mounting debt? what do we do about having reached the debt ceiling? and will twe we do anything abot curving the spending that is -- mr. baucus: madam president, the senate is not in order. the presiding officer: the senate will be in order. mr. toomey: so -- thank you, madam president. so, the fact is, we're going to be -- mr. baucus: madam president, madam president, the senate is not in order. the presiding officer: the senate will be in order. the senators shall take...
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Jan 31, 2013
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. >> and remember that debt ceiling hostage taking? well, today, senate republicans passed the debt ceiling extension. so you're seeing a confident president determined to carry out his second term agenda and it's happening right now. joining me now is nia maliqa henderson and joan walsh. >> joan, two weeks into the second term, what do you think he can get done? >> well, you know, i'm semi-optimistic about immigration reform, reverend al, although i'm starting to have a few more doubts. you know, if democrats were like republicans, they would not help the republy c llicans out and d immigration reform. but the president is trying, chuck schumer has put together this bipartisan group. but the thing that seems like a big sticking point to me is even the supposedly pro-immigration forces are saying enforcement first. and they're ignoring the fact that this president has been all about enforcement. i mean, you know it better than i do. there is some civil rights folks who are entirely happy with some of the deportation policy, border enfo
. >> and remember that debt ceiling hostage taking? well, today, senate republicans passed the debt ceiling extension. so you're seeing a confident president determined to carry out his second term agenda and it's happening right now. joining me now is nia maliqa henderson and joan walsh. >> joan, two weeks into the second term, what do you think he can get done? >> well, you know, i'm semi-optimistic about immigration reform, reverend al, although i'm starting to have a few...
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>>> moments ago the debt ceiling compromise passed the senate. that's a fiscal crisis temporarily averted. it comes just a day after we learn that gdp, that's the mesh shush of how well our economy is performing, contracted by 0.1%. here is how some of the financial media covered it. quote, the best looking contraction in gdp you will ever see. and, quote, don't freak out about gdp. so what's going on here? less government spending happened. primarily in defense. that overshadowed more spending on the part of consumers and businesses, which is what these reporters were actually looking at. for more we go to jared bernstein a senior fellow on the center of budget and policy priorities and jonathan capehart a political opinion writer for "the washington post." welcome to both of you. >> thanks, karen. >> okay, jared. you know i like to come to you with these kinds of things. say what? it's good but it's bad? explain that one to me. >> well, sure. i mean, i already knew we were growing slowly. in fact, i'd say too slowly. i didn't think the economy
>>> moments ago the debt ceiling compromise passed the senate. that's a fiscal crisis temporarily averted. it comes just a day after we learn that gdp, that's the mesh shush of how well our economy is performing, contracted by 0.1%. here is how some of the financial media covered it. quote, the best looking contraction in gdp you will ever see. and, quote, don't freak out about gdp. so what's going on here? less government spending happened. primarily in defense. that overshadowed more...
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Jan 31, 2013
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let's hope we wet through the debt ceiling crisis, and then you'll see the private sector invest. if there's one thing this president is going to be known for, he is all over the social issues, guns and gay marriage and healthcare but has done nothing to help this economy. and when you look at what jack will you and rob neighbors and gene sprawling did in the summer of 2011, are you shock wed have had this anemic recovery? and we're not in a recovery. near a recession. >> one more quarter and we're in a technical recession as well. one more quarter of negative. let's talk about this for a little bit. so, what we really need is growth to come back into the economy. for me, ronald reagan, margaret thatcher, said let people keep more of their own money and then people invest in their businesses or invest in themselves go out to dinner, a movie. thatthat's economic growth. >> you're absolutely correct. and look, the numbers are clear. if we were growing at three to four, five%, which is not out of the realm of possibility, happened under ronald reagan -- we could grow our way out of t
let's hope we wet through the debt ceiling crisis, and then you'll see the private sector invest. if there's one thing this president is going to be known for, he is all over the social issues, guns and gay marriage and healthcare but has done nothing to help this economy. and when you look at what jack will you and rob neighbors and gene sprawling did in the summer of 2011, are you shock wed have had this anemic recovery? and we're not in a recovery. near a recession. >> one more quarter...
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Feb 4, 2013
02/13
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it was not addressed in the debt ceiling. the debt ceiling should have been extended, but we need to now deal with the fundamental problem that our spending and revenues are not in line. now, we could talk about the cause of how we got here. we could talk about how the congress reduced tax revenues while we were at war, a policy that i spoke out against and voted against, but our responsibility is to figure out how we go from where we are today with budget deficits that are not sustainable to how we can bring our country into better fiscal balance. we need a balanced approach. we need an approach that looks at spending, looks at revenues, that acknowledges that job growth is first and foremost our objective. we have got to create more jobs in our economy. more people working, less people needing governmental services, more people paying tax revenues. all of that helps generate the growth in our economy. we have got to protect the middle class. the middle class has been particularly vulnerable during this slowdown in our econo
it was not addressed in the debt ceiling. the debt ceiling should have been extended, but we need to now deal with the fundamental problem that our spending and revenues are not in line. now, we could talk about the cause of how we got here. we could talk about how the congress reduced tax revenues while we were at war, a policy that i spoke out against and voted against, but our responsibility is to figure out how we go from where we are today with budget deficits that are not sustainable to...
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Jan 31, 2013
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. >>> straight ahead, a senate vote on the debt ceiling in 30 minutes. what we expect to happen there and what it means for the larger budget bat until d.c. asional have constipation, diarrhea, gas, bloating? yes! one phillips' colon health probiotic cap each day helps defend against these digestive issues... with three strains of good bacteria. [ phillips' lady ] live the regular life. phillips'. behind the silver of philadelphia cream cheese. it always begins with fresh, local milk, blended with real wholesome cream. going fresh from the farm, to our fridge, in just six days. because we believe in fresh taste. that's the way we set the standard for intensely rich, luscious flavor. so our story of fresh taste always ends... deliciously. when it comes to taste, philadelphia sets the standard. >>> in the next hour, the senate is expected to vote on and pass the house's debt ceiling deal. a bill that su spends the debt limit for four months and foregoes the threat of default but doesn't end the fiscal threat. sequestration looms large over the capitol. a p
. >>> straight ahead, a senate vote on the debt ceiling in 30 minutes. what we expect to happen there and what it means for the larger budget bat until d.c. asional have constipation, diarrhea, gas, bloating? yes! one phillips' colon health probiotic cap each day helps defend against these digestive issues... with three strains of good bacteria. [ phillips' lady ] live the regular life. phillips'. behind the silver of philadelphia cream cheese. it always begins with fresh, local milk,...
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Feb 1, 2013
02/13
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CURRENT
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caucus over the fiscal cliff debt ceiling taxing to be a walk in the park on sunday. while on a state level the g.o.p. extremists can't get out of the way from their own radicalism in virginia ken cucinelli or c uch has he is known. he writes, quote creating government dependency is the typical method of operation for big government statists. also to put a cher on on top of the dysfunction, the mississippi legislature has created a new law. an idea as archaic as it is unconstitutional. joining me now is rick unger whose piece we just quoted. thankthank you for being here. >> always a pleasure. >> always a pleasure having you. will it be an effective wedge to break open the g.o.p. they tried it in the 47% class it didn't work but now they're able to split the party. >> i think the democrats will have nothing to do with it. the republicans will do this all on which are own with an exist from the tea party. >> how so? >> this is a perfect setup for what was inevitable, and this is going to be the great shoot out at the o.k. corral. assume that this bill makes it to the s
caucus over the fiscal cliff debt ceiling taxing to be a walk in the park on sunday. while on a state level the g.o.p. extremists can't get out of the way from their own radicalism in virginia ken cucinelli or c uch has he is known. he writes, quote creating government dependency is the typical method of operation for big government statists. also to put a cher on on top of the dysfunction, the mississippi legislature has created a new law. an idea as archaic as it is unconstitutional. joining...
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but let's assume because the debt ceiling doesn't kick in till august, i believe that's what we'll have, but let's add these together. let's say you're right, 30 billion. but let's -- jobs overseas, we can dial that however we want because it's all -- a huge loss of revenue, corporate jets, tehre are all kind of things that are low-hanging fruit. >> you've heard the republicans across the board here. they're saying they're done with revenues for 2013. >> george, the american people are on our side. the american people don't believe in these austere things. we believe that the rich should contribute. we believe we should fill those tax loopholes, get rid of them, i should say, and that's where we need to go. >> but that's a debate that's been had, as you know, for the last couple of months, last couple of years and doesn't appear it will get solved next month so the sequester will hit. >> george, that's what they said two or three days before the fiscal cliff. no revenue. well, we got about $700 billion in revenue. there's still more we can do. >> are you saying that for -- to lift the s
but let's assume because the debt ceiling doesn't kick in till august, i believe that's what we'll have, but let's add these together. let's say you're right, 30 billion. but let's -- jobs overseas, we can dial that however we want because it's all -- a huge loss of revenue, corporate jets, tehre are all kind of things that are low-hanging fruit. >> you've heard the republicans across the board here. they're saying they're done with revenues for 2013. >> george, the american people...
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Jan 31, 2013
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. >>> this afternoon, the senate decides whether to raise the debt ceiling for the next four months. in the bill, an interesting provision that with holds member's pay if they fail to pass a budget by april 15th. >>> president obama's popularity is on the rise. a "washington post" poll found his favorability rating at 60%. that's a three-year high. 37% had an unfavorable view. >>> david visitor is dismissing a bipartisan proposal on immigration reform. and vitter went after florida senator marco rubio calling him amazingly naive to believe the plan would not amount to amnesty. >>> lamar alexander of tennessee talked to chuck todd on "the daily rundown" about gun control and video games. take a listen. >> i think video games is a bigger problem than guns because video games affect people. but the first amendment limits what we can do about video games. the second amendment to the constitution limits what we can do about guns. >>> senator john mccain appeared at a breakfast in washington where he told a joke about himself and the low approval ratings of his colleagues. >> a guy ran up
. >>> this afternoon, the senate decides whether to raise the debt ceiling for the next four months. in the bill, an interesting provision that with holds member's pay if they fail to pass a budget by april 15th. >>> president obama's popularity is on the rise. a "washington post" poll found his favorability rating at 60%. that's a three-year high. 37% had an unfavorable view. >>> david visitor is dismissing a bipartisan proposal on immigration reform. and...
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"washington post" what was the outcome of the senate vote on the bill to suspend the debt ceiling until may 19. in surprising? >> not particularly, no. the vote 64-34. they made it to spare. most republicans voted no, which was not necessarily surprising since republicans don't like to mess around with the debt limit. but democrats got enough support from the moderate republicans like sue san colins to put it over the edge and take the issue off the table. we're told until at least august. >> now the bill heads to the president's desk. what is he going to do with it? >> he's going sign it. he doesn't want to have a debt limit fight right now. the interesting thing about this, it is the first time that we have ever just suspended enforcement of the debt limit. it's still $16.4 trillion. normally in the celebration we're in now, we're against the debt is at the limit. we just raise the limit. but house republicans didn't want to vote for a higher limit. they voted to suspend the limit until may 18th. at that time, the debt limit will automatically take in to account the additional borrowi
"washington post" what was the outcome of the senate vote on the bill to suspend the debt ceiling until may 19. in surprising? >> not particularly, no. the vote 64-34. they made it to spare. most republicans voted no, which was not necessarily surprising since republicans don't like to mess around with the debt limit. but democrats got enough support from the moderate republicans like sue san colins to put it over the edge and take the issue off the table. we're told until at...
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Jan 29, 2013
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plus, the debt ceiling simply says we're not going to pay our bills. it just is illogical to say that's to pay for that. that's like going out and incurring costs which all of us did, republicans and democrats together, and then saying oh, and by the way, i'm not going to pay my bill unless you do me this enormous favor. but the other point i would make is this. he talks about, we need tax reform. the biggest single abuse in the tax code today, and it's a tough contest, is the one that says the richest people in america who run hedge funds can treat their earned income as if it were a capital gain. they call it carried interest. >> yeah. >> it means the rest of us are carrying them. and we voted to reduce that. and paul ryan boxed it. he is against that. and if you remember from that interview, he did not give a single specific about a tax break he wants to end, and he talked about cutting entitlements. >> he is up front saying no more revenue. i mean, that's their position on that. now, they've backed off the debt limit. now they're backing off a gove
plus, the debt ceiling simply says we're not going to pay our bills. it just is illogical to say that's to pay for that. that's like going out and incurring costs which all of us did, republicans and democrats together, and then saying oh, and by the way, i'm not going to pay my bill unless you do me this enormous favor. but the other point i would make is this. he talks about, we need tax reform. the biggest single abuse in the tax code today, and it's a tough contest, is the one that says the...
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Feb 2, 2013
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i think that is part of what we're seeing on the debt ceiling. the last fight over the debt ceiling back in the summer of 2011. it turned out to be a terrible self-inflicted wound. our debt got down
i think that is part of what we're seeing on the debt ceiling. the last fight over the debt ceiling back in the summer of 2011. it turned out to be a terrible self-inflicted wound. our debt got down
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Feb 1, 2013
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the debt ceiling or the sequester or the sgr cliff. does congressional staffers, i'm sure debbie can attest to, we are constantly living in his temporary environment because we have to. that is unfortunate your we would all like to take some time and do a deep dive into deep policy thinking and try to think of transformational ideas that can transform everything, but when we kind of walking to work reality hits us. we have a job to do. we have to take of the thing that is the most pressing on the front end, and, unfortunately, that's kind of the environment we are living in. and it was a very interesting panel, especially the last one, where i was hearing, there's nothing better than congressional staffers. actually talk to patients are going through the clinic. one of the things that, the reality that we suffer with, unfortunately and this is something we all have to deal with come is just the fiscal reality. as you rightly pointed out, it is right now the debate is about budget and at, people are can't figure out to control costs but
the debt ceiling or the sequester or the sgr cliff. does congressional staffers, i'm sure debbie can attest to, we are constantly living in his temporary environment because we have to. that is unfortunate your we would all like to take some time and do a deep dive into deep policy thinking and try to think of transformational ideas that can transform everything, but when we kind of walking to work reality hits us. we have a job to do. we have to take of the thing that is the most pressing on...
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if not that fight, then in the next debt ceiling fight the next debt ceiling fight. the demand nor spending cuts isn't going to go anywhere. >> bill: barney frank, he would be fired up, ready to go. he knows she is issues. he knows the fiscal issues better than anybody else. >> deval patrick said he would be happy to have him. he didn't endorse it per se but he expressed sort of opens to the idea. >> wouldn't be a big learning curve for barney. >> bill: no, not at all. i think it would be very tough for governor patrick not to appoint him. i mean who else could step in and have all of the information and all of the experience you need to really fight for the people. >> i was going to say -- >> bill: now, of course, so is it is sort of a relief the fiscal issues are out of the way and we can talk about something else like maybe immigration reform. very unusual to see these days eight senators, four from each party, agree on anything, correct? >> it is. >> bill: you cover the congress. you're there. >> i do. filibuster reform deal that killed filibuster reform. this is
if not that fight, then in the next debt ceiling fight the next debt ceiling fight. the demand nor spending cuts isn't going to go anywhere. >> bill: barney frank, he would be fired up, ready to go. he knows she is issues. he knows the fiscal issues better than anybody else. >> deval patrick said he would be happy to have him. he didn't endorse it per se but he expressed sort of opens to the idea. >> wouldn't be a big learning curve for barney. >> bill: no, not at all. i...
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. >> whited lawmakers decided his best to delay the debt ceiling? >> about two weeks ago they tried in 2011 to use the debt and then as a leverage point to force obama to swallow spending cuts. it worked, but it is terribly damaging to the nation's economy and their political capital. with something like 90% in august of 2011 and they recognize this is a bad idea. thing is a pretty bad idea of a downgrade for the first time. they didn't want to do that again, but they didn't want to vote for a thicker national debt either. that doesn't care what their philosophy to pick them up with a strategy and in the meantime we want the senate to pass a budget for 2014 and the law says if either chamber fails a budget, paychecks will be docked. the whole idea is to postpone the economy default situation until the prosecutor at the continuing fight over taxes and then made to a point where both sides are satisfied in the debt limit can be raised again. >> how a template of a increasing the deficit in effect the economy and financial markets? >> where do you know
. >> whited lawmakers decided his best to delay the debt ceiling? >> about two weeks ago they tried in 2011 to use the debt and then as a leverage point to force obama to swallow spending cuts. it worked, but it is terribly damaging to the nation's economy and their political capital. with something like 90% in august of 2011 and they recognize this is a bad idea. thing is a pretty bad idea of a downgrade for the first time. they didn't want to do that again, but they didn't want to...
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Jan 29, 2013
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it is my hope that the debate over the debt ceiling will finally move our friends on the other side beyond their preoccupation with the horse race. already, senate democrats have committed to developing a budget this year after years of ducking their responsibilities to do so. hopefully this will be a serious exercise and not simply an excuse for them to try to raise taxes, which as we all know is just another way to avoid solving core problems. last week i came to the floor with a chart that showed that even if the president got every single tax increase he asked for, every one of them, we would still not evening come close to solving the problem. not even close. so let's not waste time with more pointless argument argument tax increases. we had that debate already. it's done, it's oamplet i call on democrats to approach it seriously and do it with order. we have to break this putting off all important work until the final hour. tweendz get back to regular order and that takes time. & that's why we need to get started right now. let the tough work of developing a budget and putting togeth
it is my hope that the debate over the debt ceiling will finally move our friends on the other side beyond their preoccupation with the horse race. already, senate democrats have committed to developing a budget this year after years of ducking their responsibilities to do so. hopefully this will be a serious exercise and not simply an excuse for them to try to raise taxes, which as we all know is just another way to avoid solving core problems. last week i came to the floor with a chart that...
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over all extends enforcement the of current debt ceiling through mid-may. but at that point it retroactively goes up and the bipartisan policy center says the increase will be $450 billion. call it about half a trillion so the new total will end up being around 17 trillion in federal debt, as of mid-may. that string attached to the no budget-no pay provision. house republicans who have passed budgets during the first obama term inserted this into the legislation, essentially to pressure senate democrats to pass budgets. they have not done that during obama's first term. the measure says each chamber has to pass a budget by mid-april. sured either chamber fail, its member's pay would be withheld. here is harry reid talking about it and how it comes together today. >> obviously democrats would prefer a longer suspension of the debt ceiling which would provide additional economic security and stability as we continue to find ways to decrease the deficit. raising the possibility the united states could default on its obligations every few months is not an ideal
over all extends enforcement the of current debt ceiling through mid-may. but at that point it retroactively goes up and the bipartisan policy center says the increase will be $450 billion. call it about half a trillion so the new total will end up being around 17 trillion in federal debt, as of mid-may. that string attached to the no budget-no pay provision. house republicans who have passed budgets during the first obama term inserted this into the legislation, essentially to pressure senate...
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Jan 29, 2013
01/13
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ceiling bill that's now come over to the senate, it looks like the senate according to senator murray will now take up a budget. this is important because while republicans believe that spending is the problem not a lack of taxation, it's going to be a revealing exercise to see how this budget markup goes in committee and then, of course, on the floor. and it will be, i'm sure, a challenge for those who believe that more revenue is a solution as opposed to reining in spending to see how senate democrats produce 51 votes to pass a budget by the april 15th deadline. >> senate republicans just released a video that highlights the president's past statements when it comes to tackling the debt and his actual record when it comes to tackling the debt. and when out comes to reducing the debt as we would say out in the west, the president has been all hat and no cowboy. in other words, he's been all talk and no action. what we've seen over the past four years as trillion dollar deficits every single year, the debt has ballooned by 50%, and so the president's record and his rhetoric just don't
ceiling bill that's now come over to the senate, it looks like the senate according to senator murray will now take up a budget. this is important because while republicans believe that spending is the problem not a lack of taxation, it's going to be a revealing exercise to see how this budget markup goes in committee and then, of course, on the floor. and it will be, i'm sure, a challenge for those who believe that more revenue is a solution as opposed to reining in spending to see how senate...
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Jan 30, 2013
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ceiling. that extra time will give us a chance to break the democrats' other bad habit of leaving everything, literally everything until the last minute. but we can only do it if we get to work now and return to what we call around here the regular order. remember, regular order is how the senate is supposed to function. committees are supposed to be allowed to evaluate legislation. amendments are supposed to be considered, and the public is supposed to have a chance to scrutinize the proposals that are actually before us. look, i know that solving the debt challenge is not going to be easy. putting our country on a sustainable fiscal and economic path is going to require both parties committing to serious spending reforms. but this is a challenge we must overcome. by doing the hard work today, we can avoid a european-style catastrophe tomorrow. by reforming the functions of government that no longer make sense in 2013, we can do more than just control spending. we can encourage private sector
ceiling. that extra time will give us a chance to break the democrats' other bad habit of leaving everything, literally everything until the last minute. but we can only do it if we get to work now and return to what we call around here the regular order. remember, regular order is how the senate is supposed to function. committees are supposed to be allowed to evaluate legislation. amendments are supposed to be considered, and the public is supposed to have a chance to scrutinize the proposals...
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Jan 31, 2013
01/13
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. >> they approved the house back no, budget no, pay bill with the current debt ceiling of $64 trillion in mid-may when it is estimated to be $50 million more. the house and senate have to pass budget by mid-april or member paychecks will be held. >> the united states could default on the obligation every few months. not an ideal way to run a government. a short-term solution is better than another imminent manufacturered crisis. >> house republicans passed budget in the obama era and created the salary threat so senate democrats who have not do so this year. >> republicans tried to pass amendments that prioritize payments when cash runs first, pay interest first, social security and active duty military pay. and measure offsetting new debt with the matching spending cut. >> no gimmicks or timing shifts but these would be real cuts and growth in federal spending. >> democrats blocked each amendment. the no budget no, pay act sent unauthorred to the president for promiseed signature. >> the motion carries. >> there is no break in the battle. new deadlines loom. unless the two parties agr
. >> they approved the house back no, budget no, pay bill with the current debt ceiling of $64 trillion in mid-may when it is estimated to be $50 million more. the house and senate have to pass budget by mid-april or member paychecks will be held. >> the united states could default on the obligation every few months. not an ideal way to run a government. a short-term solution is better than another imminent manufacturered crisis. >> house republicans passed budget in the obama...
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Feb 3, 2013
02/13
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in terms of the debt ceiling deal, the fiscal cliff, the bipartisan senators who came together on immigration, which, aga again, that's kind of a rope thing in washington, d.c., but it's been absent for the last couple of years. when george w. bush was elected, no child left wind was a top domestic priority and you had a kind of gang of eight style thing. >> no child left behind just didn't happen. bush reached out to ted kennedy, and you worked the issue and -- >> sure. they worked on the recovery act. they want today recovery. >> they didn't work on the -- >> yes, they did. >> it was one of those ludicrous republican myths that obama didn't reach across the aisle. and ma myth is so foundational to a lot of republican thinking and i'm guessing to you and i it seems so divorced from reality that it's hard to even engage with, right, the idea that obama didn't attempt to genuinely attempt a bipartisan governing style. >> you can call it a myth. i think the proof is in the pudding. i think that this -- >> so you blame obama for the fact that there's this -- >> listen, i'm in politics. i think m
in terms of the debt ceiling deal, the fiscal cliff, the bipartisan senators who came together on immigration, which, aga again, that's kind of a rope thing in washington, d.c., but it's been absent for the last couple of years. when george w. bush was elected, no child left wind was a top domestic priority and you had a kind of gang of eight style thing. >> no child left behind just didn't happen. bush reached out to ted kennedy, and you worked the issue and -- >> sure. they worked...
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Feb 2, 2013
02/13
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there's the fiscal cliff, the debt ceiling. now the sequester. i mean, we're now talk about perhaps $85 billion in spending cuts in 2013 if they don't get their act together on the sequester. that's pointing exactly in the opposite direction. so the fed is kind of setting the table but not getting the support from the congress on the fiscal side. >> so given the looming debt ceiling limit here, this week on morning joe the "new york times" economist argued why the u.s. should spend now and worry about deficit reduction later. here it is. >> dashing spending when you still have depressed economy is really destructive. it's probably even counterproductive even in purely fiscal terms. we should be sustaining government spending until we have a stronger economic recovery. >> this is not a hard call. as long as we have 4 million people who have been unemployed for more than a year, this is not a time to be worrying about reducing the budget deficit. give me something that looks more like a normal employment situation and i'll become a deficit hawk but
there's the fiscal cliff, the debt ceiling. now the sequester. i mean, we're now talk about perhaps $85 billion in spending cuts in 2013 if they don't get their act together on the sequester. that's pointing exactly in the opposite direction. so the fed is kind of setting the table but not getting the support from the congress on the fiscal side. >> so given the looming debt ceiling limit here, this week on morning joe the "new york times" economist argued why the u.s. should...
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Feb 2, 2013
02/13
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we did not go over the fiscal cliff and we did not hit the debt ceiling. evidence is piling up. >> that's true. here is the thing that struck me about hagel hearings, it seemed at times that chuck hagel was surprised that these people were not happy with him. it's as if he did not read a newspaper in month. >> his response to the surge question. mccain is the biggest supporter of the surge, he led it. chuck hagel disagreed and mccain seems to be right. and hagel looked surprised by the question. in defense of molly's story and washington is getting better. that was not about dysfunction of washington, the two of them just do not like each other. that has nothing to do do with the broader things washington. the issue matrix is changing a bit. what we with saw in 2009 and 2010, when health care and economy were on the table, those are where the parties are fundamentally divided. that is going to be true. but the immigration, there's not the same divide with them. so it's not a polarizing issue with john kerry. part of the reason we are seeing less dysfunctio
we did not go over the fiscal cliff and we did not hit the debt ceiling. evidence is piling up. >> that's true. here is the thing that struck me about hagel hearings, it seemed at times that chuck hagel was surprised that these people were not happy with him. it's as if he did not read a newspaper in month. >> his response to the surge question. mccain is the biggest supporter of the surge, he led it. chuck hagel disagreed and mccain seems to be right. and hagel looked surprised by...